Am I Eligible for Debts Management?

The only way that your eligibility can be confirmed is by speaking with one of our expert advisors who will conduct a detailed  financial Factfind, call us free on 0808 131 9112.

Below is a list of the basic criteria which will be used to determine if you are likely to be accepted for a Debts Management Plan.

1.    You  have unsecured debts of over £5,000.

These unsecured debts can include: Credit cards, Overdrafts, Catalogue Debts and Personal Loans. 

You might not realise that you have over £5,000 of unsecured debts, but interest and charges may well have been added to the account if you have failed to keep up repayments. You should get an up-to-date outstanding balances from all your creditors. 

2.   You have a stable income.

A Debts Management Plan is a debt repayment plan where you will pay a fixed but affordable sum each month, which means that you must have an income of some form, such as employment.

3.    You are insolvent.

Being insolvent means that you cannot afford to repay your debts each month. Do not fall into the trap of repaying just the minimum monthly payments and thinking you can afford your debts, because interest will be added to your debts each month!

 

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)